While the company's spokesperson dismissed it as speculation, sources in the know said Forstmann Little & Co is working with Morgan Stanley and Evercore Partners Inc (EVR) to find a buyer for IMG, which represents sports stars such as Rafael Nadal, Novak Djokovic, Maria Sharapova and Venus Williams.

IMG also manages events such as the IPL, the Australian Open and Wimbledon.

Other potential buyers for IMG include businessmen from Brazil, the UK and Qatar.

IMG and Reliance formed a company in 2010 to develop sports and entertainment in India. Sources said Ambani's association with IMG and his relationship with IMG's current owners make him the favourite.